The U.S. government has transferred funds in bitcoin, thought to be seized from Glenn Olivio, to a Coinbase Prime address, according to Arkham Intelligence data.
In two separate transactions, two addresses labeled U.S. Government: Glenn Olivio Seized Funds moved 2.438 BTC — worth roughly $177,000 — to the same Coinbase address, beginning 3EMqu.
It is not uncommon for the U.S. government to consolidate, custody or transfer funds seized during investigations. In the past month, government-linked accounts have moved funds associated with Ross Ulbricht, the pardoned founder of the Silk Road dark market site, and Chen Zhi, a Cambodian national allegedly associated with a pig butchering scheme.
Last month, the U.S. government moved roughly $23,000 worth of bitcoin from a wallet associated with “Miguel Villanueva.”
Notably, the transactions come over a year after President Donald Trump signed an executive order establishing a strategic bitcoin reserve, which included the mandate to hold onto bitcoin gained through criminal forfeitures.
In January, Treasury Secretary Scott Bessent publicly confirmed that the administration has halted all sales of seized bitcoin and is instead adding it to the SBR. This came after public scrutiny of the government sending funds associated with the Samourai Wallet case to a Coinbase Prime address, raising questions about the size of the reserve and the government’s commitment to maintaining it.
The U.S. government currently holds roughly 328,000 bitcoins, worth more than $22 billion at current prices, among other crypto assets.
Olivio steroid conspiracy
Glenn Olivio’s bitcoin appears to be connected to one Glenn Bradford Olivio, who was arrested in May 2025 alongside co-conspirator Dana Rene Light.
Both defendants allegedly conspired to possess with intent to distribute “a mixture or substance containing a detectable amount of anabolic steroids,” including synthetic forms of testosterone and the anabolic-androgenic steroids Trenbolone, Nandrolone, Mestanolone, Oxandrolone, Stanozolol, and Methandienone, according to a court document.
The duo was indicted on five counts, including conspiracy to possess with intent to distribute a controlled substance, conspiracy to launder monetary instruments, aggravated identity theft, and two drug possession counts. Olivio and Light’s personal data sheet was redacted.
Pacer shows the last update to the case in June 2025. The indictment included a notice of forfeiture, which is standard when the government seeks to seize assets, including cryptocurrencies believed to be derived from the alleged crimes.
A man by the name of Glenn Olivio was arrested in 2015 for possession of 120 pounds of marijuana. The Block could not confirm whether the cases are related.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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